Page 946 - Business Finance
Aramco picks banks for debut international bond - sources
DUBAI (Reuters) - Saudi Aramco has selected banks to arrange its first international debt sale, which will help it finance the acquisition of a stake in Saudi Arabian Basic Industries Corp (SABIC), two sources familiar with the matter said on Thursday.
Sensex, Nifty fall for 6th straight session; Yes Bank zooms 31 pc
Continuing its fall for the sixth straight session Thursday, the benchmark BSE Sensex dropped 158 points led by losses in IT, metal and energy stocks amid sustained foreign fund outflows and mixed global cues. The 30-share index, after shuttling between 35,799.42 and 36,109.10, finally settled 157.89 points, or 0.44 per cent, down at 35,876.22. It had lost 840 points in the previous five sessions. The broader NSE Nifty lost 47.60 points, or 0.44 per cent, to end at 10,746.05. Intra-day, it shuttled between 10,718.75 and 10,792.70. Selling was more pronounced in oil and gas, IT, metal, PSU and state-run oil marketing company stocks that dragged the key indices into the negative territory. Energy stocks cracked as fresh concerns about rising crude oil prices resurfaced, with Brent crude oil futures zooming 1.26 per cent, to USD 64.41 per barrel, after Saudi Arabia, world's top crude exporter, said it would cut crude exports and its production. Sustained foreign fund outflow and fresh ...
Board of Prajay Engineers Syndicate approves change in directorate
With effect from 14 February 2019
Indices decline as pivotals fall
Key indices logged modest losses as index pivotals declined. The barometer index, the S&P BSE Sensex, fell 157.89 points or 0.44% at 35,876.22. The Nifty 50 index fell 47.60 points or 0.44% at 10,746.05. Shares of Yes Bank jumped over 30%. The market breadth, indicating the overall health of the market, was negative.
'Amazon Pay UPI' launched for Android users in India
To facilitate secure payments and financial transactions on its platform, Amazon on Thursday launched "Amazon Pay Unified Payments Interface (UPI)" for Android users in partnership with Axis Bank to issue UPI IDs to its customers in India.
Puma caution for 2019 hits shares despite strong quarter
HERZOGENAURACH, Germany (Reuters) - German sportswear firm Puma gave a conservative forecast for 2019 on Thursday despite reporting strong quarterly sales helped by demand for its chunky RS-X shoes and Cali sneakers, sending its shares down more than 5 percent.
Careless, unaware employees top vulnerability for rising cyber risk exposure: EY
"Careless or unaware" employees have been rated as the biggest vulnerability for increased risk exposure of enterprises, followed by factors like outdated security controls and unauthorised access, according to a report by EY. The EY Global Information Security Survey 2018-19 India edition found that about 32 per cent respondents attributed "careless or unaware employees" as the leading vulnerability with the most increased risk exposure over the past 12 months. This was followed by factors like outdated security controls (21 per cent), unauthorised access (19 per cent), related to cloud computing use, smartphones/tablets and social media (8 per cent each) and related to Internet of Things (4 per cent). Interestingly, 87 per cent of the organisations (surveyed) in the technology sector and 70 per cent in the telecom sector put careless employees as the most likely source of attack, with the fear of losing their most valuable information - personal identifiable information of ...
Hong Kong port slips from global top five for first time
Hong Kong's port, which once vied with rival Singapore for global dominance, has slipped out of the world's top five busiest shipping container terminals for the first time, new data has revealed. The bustling southern Chinese financial hub owes its very existence to its ideal location as a port, a cornerstone of the remarkable growth of a city's whose name means "Fragrant Harbour". It has been among the world's busiest for the last four decades and dominated in the 1990s and early 2000s as China's economy opened up. But last year Hong Kong's port came in at number seven, confirmation of a seemingly inexorable slide down the world rankings against the increased dominance of mainland Chinese ports and continued resilience of Singapore. Neil Davidson, a specialist at Drewry Shipping Consultants, said it was the first time Hong Kong had fallen below the top five threshold since they first began compiling global port data in 1979. "For many years, through to the 1990s, Hong Kong was ...
Etihad restructures plane purchases amid fiscal turbulence
Abu Dhabi-based Etihad Airways said Thursday it has restructured planned airplane purchases from both Airbus and Boeing as the government-owned carrier struggles through serious financial turbulence. Once making headlines in 2013 for fleet purchases valued at $67 billion, Etihad has seen its strategy of rapidly buying stakes in other airlines to expand its global footprint expose it to major losses. In its last two reported financial years alone, the airline hemorrhaged nearly $3.5 billion in losses. Full-year results for 2018 for the company are expected in the summer. In its statement, Etihad said that it will take delivery of five Airbus A350-1000, 26 Airbus A321neos and six Boeing 777-9 aircraft "over the coming years." The airline said it also will continue to accept its orders for Boeing 787 Dreamliners, without elaborating. It said its remaining orders will be affected by "rescheduling, restructuring or reduction." In its 2013 purchase, Etihad made orders for 87 Airbus and 56 .
Ashok Leyland third-quarter profit falls, but beats expectations
(Reuters) - Automaker Ashok Leyland Ltd posted a 21.5 percent fall in its third-quarter profit on Thursday, hurt by weak consumer demand.
Jupiter Wagons buy CEEBCO through resolution
City-based Jupiter Wagons acquired Madhya Pradesh-based CEBBCO through resolution process at a cost of Rs 100-crore, a top company official said Thursday. Director of Jupiter Wagons, Vivek Lohia said the company had bought the majority stake in CEBBCO which had gone to the NCLT for financial losses. "The company had been going through financial losses for some time for which it had gone to the NCLT. We have bought the stake from the banks through the resolution", Lohia told reporters here. CEBBCO, a listed entity, is a supplier to OEMs like Volvo Eicher, Tata Motors, Ashok Leyland and Mahindra. Lohia said, Jupiter Group would be foraying into the road space through this acquisition. The company has been toying with the idea of supplying brake systems to the Indian Railways for which it has entered into an agreement with Czech firm Dako. Jupiter Wagons, which has a manufacturing facility at West Bengal, has a capacity to manufacture 3000 wagons per annum and has a ...
Vegetable Oil Imports Fall 3%, Duty Difference Leads To Higher RBP Palmolein Imports
As per the latest release from Solvent Extractors' Association of India, the import of vegetable oils during January 2019 is reported at 1,275,259 tons compared to 1,291,141 tons in January 2018, consisting 1,210,603 tons of edible oils and 64,656 tons of non-edible oils i.e. down by 3%. The overall import of vegetable oils during November 2018 to January 2019 is reported at 3,620,316 tons compared to 3,628,734 tons- more or less the same, thanks to higher import duty.
Eicher Motors skids after strike at Royal Enfield factory
Eicher Motors fell 0.8% to Rs 19989 at 15:00 IST on BSE after the company informed that a certain section of workforce has resorted to an illegal strike at Royal Enfield's Oragadam plant in Chennai.
NMDC's Apr-Jan iron ore production at 25 MT
State-run miner NMDC Thursday said it has produced 25.09 million tonne (MT) of iron ore in the April-January period of this financial year. The company produced 17.12 MT of iron ore from its mines in Chhattisgarh, while its production from Karnataka stood at 7.97 MT, in the first 10 months of this fiscal, NDMC said in a BSE filing. The PSU sold 25.25 MT of iron ore during April-January period, the filing said adding that production and sales figure of iron ore are provisional. For the month of January this year, iron ore production fell by 11.53 per cent to 3.22 MT over the year-ago period when the company's production stood at 3.64 MT, according to the filing. The iron ore sales figure for January this year stood at 3.11 MT, down from 3.25 MT in the same period a year-ago. Iron ore is the main ingredient used in making steel. According to its website, NMDC is India's single largest iron ore producer, presently producing about 30 million tonnes (MT) of iron ore from three fully ...
LTI to acquire German Nielsen+Partner
N+P is a leading partner of Temenos in Europe and Asia Pacific providing IT consulting, digital and software engineering services to major enterprises.This acquisition is synergistic to Syncordis acquisition that LTI announced in 2017. Syncordis is a leading Temenos T24 Core Banking Platform specialist with widespread presence in Europe, whereas N+P has built comprehensive expertise in the front office of Temenos WealthSuite.Together with Syncordis, N+P strengthens LTI's capabilities as a global expert of Temenos suite of products and enriches company's offerings to banking clients. Upon integration, N+P's Temenos business will be consolidated under the brand of Syncordis, while software engineering business will operate and expand as part of LTI Germany.Sanjay Jalona, LTI Chief Executive Officer and Managing Director, said: "The acquisition of N+P will help us further establish LTI as a formidable player in the fast-growing market for Temenos and help our clients navigate their ...
PTron expands distribution channel in North India
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Oracle Financial Services Software Ltd leads losers in 'A' group
NBCC (India) Ltd, Reliance Communications Ltd, Bharat Petroleum Corporation Ltd and Indian Oil Corporation Ltd are among the other losers in the BSE's 'A' group today, 14 February 2019.
Airbus pulls plug on costly A380 superjumbo
European aerospace giant Airbus said Thursday it would end production of the A380 superjumbo, the double-decker jet which earned plaudits from passengers but failed to win over enough airlines to justify its massive costs. The firm said it would stop deliveries in 2021 of the A380, which has been in operation for more than a decade, after Dubai-based carrier Emirates reduced its total order of the model by 39 planes. It marks an ignominious end to a bold bet on how millions of people would travel in the future, as airlines struggled to fill a plane capable of carrying anywhere from 500 to 850 people. "Following a review of its operations, and in light of developments in aircraft and engine technologies, Emirates is reducing its A380 orderbook from 162 to 123 aircraft," Airbus said in a statement. "As a consequence and given the lack of order backlog with other airlines, Airbus will cease deliveries of the A380 in 2021." Airbus had been forced to slow A380 production in recent years ...
Thiam hails Credit Suisse's return to annual profit
ZURICH (Reuters) - Credit Suisse posted its first annual profit in four years on Thursday as a long-running restructuring plan made its mark but Switzerland's second-biggest bank warned of significant uncertainty on how markets will fare in the months ahead.
Board of Magnum Ventures appoints company secretary and director
At meeting held on 14 February 2019